A lot of the questions property owners ask us are about insurance. They want to know what kind of insurance they need and they want to know what should landlord insurance cover? These are very good questions because you don’t want a claim or incident to arise, and then find out that you’re not covered. Today we’ll talk about landlord insurance, and how landlord policies are a little different from the homeowner’s insurance you’ve probably had in the past.
Landlord Insurance and Additional Insureds
Look for a landlord policy when you have a rental property. You’ll have the opportunity to add an additional insured, which is important when you’re working with a Fort Worth property management company. You can list your property manager as an additional insured. When they are covered, they can help you better if any claims need to be handled.
Landlord Insurance Coverage
Your landlord insurance should cover things that are unexpected, such as lost rent and vandalism. Check into a commercial policy if you have more than one or two homes for rent. This is better than having multiple different policies for all of your properties. You pay once and take care of covering all your properties. You won’t feel like you’re paying for redundant coverage with multiple landlord policies. One liability policy covers all your rental homes. Commercial policies also allow you to have builder’s risk included in specific properties. This protects you when you’re building or remodeling your home. It’s expensive but it’s good to have, and you can pay for it per month instead of in advance. Many investment property owners love having one commercial policy to cover many different properties.
Our experience with property management Fort Worth means we work with insurance agents all the time. If you need referrals or you have questions about insurance, please contact us at McCaw Property Management. Having the right landlord insurance coverage is an important part of being a successful property investor, and we’d be happy to help you.